South Africa, September 2025: As South Africa takes on a leadership role within the B20/G20 in 2025, the global focus on inclusive growth is intensifying. Sanlam Corporate believes that one of the most powerful, and often overlooked ways to advance financial inclusion is through the workplace.
The employee benefits sector has long been a gateway to formal financial systems for millions of South Africans, providing access to essential tools like retirement savings, risk cover, and financial education. Yet, despite this, engagement remains uneven, and the potential for a deeper, more transformative impact in building the financial resilience of local businesses and individuals is significant.
Lorraine Mekwa, Managing Executive: Client Experience at Sanlam Corporate, says, “We mustn’t lose sight of - and impetus around - capitalising on the workplace as a strategic platform for financial literacy and economic empowerment. There is an untapped opportunity in the workplace to scale this touchpoint to reach underserved populations.”
Mekwa is serving as a member of the B20’s Finance and Infrastructure Taskforce in 2025. “The recommendations our taskforce made urge G20 governments to prioritise building and growing local technical capacity and improving infrastructure in order to support greater financial inclusion for MSMEs. The goal is to build resilient global value chains that facilitate financial flows and create an inclusive environment where all can prosper.”
She said that financial inclusion is not merely a policy goal; it is a critical driver of sustainable, inclusive growth, and we believe the workplace is a crucial platform for making this a reality. The workplace is a logical platform because institutions can leverage their scale to deliver access more efficiently and at lower cost.
The Workplace Advantage
Mekwa defines financial inclusion as a state in which all individuals and businesses have access to - and are empowered to use - a full range of financial services that are appropriate, affordable and meet their needs.
“The concept goes beyond simply having a bank account. It involves removing barriers - such as high costs, burdensome documentation requirements, or a lack of financial literacy - that prevent people from accessing and using the financial system. It aims to serve populations that have been traditionally underserved or excluded, including low-income households, women, and those in rural areas.
Within the workplace, there is a way to go, says Mekwa. “The 2025 Sanlam Benchmark Survey showed that, while 64% of retirement fund members believed regular financial education to be very important, only 11% were provided with access to a financial advisor through their employer when they made a withdrawal from their fund. This underscores the missed opportunity for guidance to build financial education and build inclusive financial robustness.
“We need to redouble our efforts at a workplace level though because by promoting financial inclusion, societies can foster economic growth, reduce poverty and inequality, and build a more resilient and equitable financial system for everyone.”
To drive this change, Sanlam Corporate highlights several key strategies:
Digital Engagement Platforms: These platforms simplify access to benefits and provide real-time financial education, empowering members to make informed decisions.
Standardised and Automated Processes: Streamlining fund processes reduces friction and increases transparency.
Flexible Benefit Structures: Life-stage tailored benefits can meet the diverse needs of employees.
By promoting financial self-care and adapting to varied circumstances, these initiatives lay a stronger foundation for inclusive growth.
A G20-Aligned Vision
The G20’s theme of “Solidarity, Equality, Sustainability” aligns perfectly with the evolution of the employee benefits sector. By embedding financial education into employee benefits, the sector can influence behaviour, improve literacy, and support long-term financial planning. The proposed changes to Regulation 28 have also catalysed interest in infrastructure as a viable investment class, which can drive inclusive growth while delivering long-term returns.
A Call to Action
Mekwa states that financial inclusion must move beyond policy rhetoric. The employee benefits sector, with its reach, trust, and established infrastructure, can be a catalyst for meaningful transformation. “As we contribute to the B20’s global agenda, we must ensure that our workplace strategies are bold, inclusive, and scalable. By aligning our efforts with international frameworks and grounding them in local realities, we can build a financial system that works for everyone.”